C153623 Extension Letter

• Contract/PO #: C153623
• Contractor Name: Sanchez Ditch and Reservoir Company
• Contract Type: Loan
• Water District: 24
• County: Costilla
• Loan Projects - Doc Type: Approval Letter

Sanchez Ditch and Reservoir
September 18, 2012 (Updated October 4, 2012)
Page 8 of 8
Agenda Item 23c
allowing interest only payments for the first five years, the debt service would have otherwise
reached $4.48 /share.
TABLE 5: FINANCIAL RATIOS
Collateral: As security for the loan, the Company will pledge assessment revenues backed by a
rate covenant and annual financial reporting and the undivided one hundred percent (100 %) interest
in and to the Sanchez Dam and Reservoir and all appurtenant structures thereto, including all lands
on which these facilities are located. This is in compliance with the CWCB Financial Policy #5
(Collateral).
cc: Jerry Lorenz, President, Sanchez Ditch and Reservoir Company
Susan Schneider, AGO
Peter Johnson, AGO
Attachment: Water Project Loan Program — Project Data Sheet
Future
Financial Ratio
2009 -2011
w/ Project
2020+
Operating Ratio (operating revenues /operating expenses)
108%
107%
(average)
(average)
weak: <100% 1 - I average: 100% - 120% - 1 strong: >120%
$237K/$220K
$265K/$247K
Debt Service Coverage Ratio
149%
129%
(total eligible revenues - operating expenses) /total debt service
(strong)
(strong)
weak: <100% 1 - I average: 1000/0 - 120% 1 - I Strong7> 1200/
($237K4185K)/$35K
($265K4185K)/$62K
Cash Reserves to Current Expenses
69%
61%
(average)
(average)
weak: <50% - avera e: 50% - 100% - stron : >100%
$151 K/$220K
$151 K/$247K
Annual Operating Cost per Acre -Foot (based on 15,000 AF)
$14.67
$16.47
average: $10 - $20 - strong: <$10
(average)
(average)
$220K/15,000
$247K/15,000
Collateral: As security for the loan, the Company will pledge assessment revenues backed by a
rate covenant and annual financial reporting and the undivided one hundred percent (100 %) interest
in and to the Sanchez Dam and Reservoir and all appurtenant structures thereto, including all lands
on which these facilities are located. This is in compliance with the CWCB Financial Policy #5
(Collateral).
cc: Jerry Lorenz, President, Sanchez Ditch and Reservoir Company
Susan Schneider, AGO
Peter Johnson, AGO
Attachment: Water Project Loan Program — Project Data Sheet